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Los AngelesPharma Property Group has sold a three-property portfolio of zero cash flow CVS locations in Los Angeles. The portfolio, which totaled 68.800 square feet traded hands for $21 million to a California-based investor.

The portfolio had zero cash flow financing in place, and required a defeasance at closing. In exchange, the buyer received a credit for the 3-year rent holiday towards the back end of the primary lease terms.

Kelsi Maree Borland

Kelsi Borland is a freelance writer and editor living whose work has appeared in such publications as Travel + Leisure, Angeleno and Riviera Orange County.

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